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3 years ago

Rafael takes home $4200 per month. What is the maximum amount he can

Mathematics

1 answer:

galben [10]3 years ago

6 0

Answer:

A bad debt ratio of more than 10% is considered high and often is a sign that you are in danger of credit overload. So, I'd $420 is the maximum amount he can spend on credit card payments and loan each month.

Step-by-step explanation:

Let's clear this with an example:

Rafael makes $4,200 a month and let's say he spends $550 on credit card payments and $450 on an loans.

Then, the ratio calculation would be $1000 / $4,200 = 0.24

Multiply that by 100 for a debt-income-ratio of 24%.

In this example, Rafael spends almost a quarter of his income on debt which is considered bad debt in economics.

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Step-by-step explanation:

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3 years ago

Can someone please help me out? It would really make me happier if you did.

asambeis [7]

Answer:

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Step-by-step explanation:

Just by looking at the answer choices, since one number must be three times the other, we can determine that the correct answer is B.

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